Streamlining of Ireland's Investment Limited Partnership
Streamlining of Ireland’s Investment Limited Partnership
The Central Bank of Ireland (CBI) has announced the discontinuation of its requirement for the general partner of an Irish Investment Limited Partnership (ILP) to be authorised as an AIF management company. This change streamlines the ILP structure by removing authorisation and capitalisation requirements inconsistent with the role of the general partner of an ILP, and improves speed to market. Directors or partners of a general partner of an ILP will be subject to the same pre-approval process and fitness and probity regime as directors of CBI-regulated corporate funds such as the ICAV, and other regulated entities in Ireland.
This announcement comes at a time when the ILP legislation is also being updated and adds to the attractiveness of Ireland as an EU jurisdiction for establishing AIFs pursuing private equity, venture capital, infrastructure, real estate, debt and other alternative strategies investing in illiquid assets.